Financial services firms announce $64bn merger

Investment solutions provider Ironbark and national financial advice firm Invest Blue announced the merger on Thursday morning, saying the combined entity would have about $64 billion in funds under management, trusteeship, and advice.

Ironbark chief executive Chris Larsen said: “The client is at the forefront of everything that we do; be it, acting as professional trustee for funds and managed account solutions or partnering with best-in-class investment managers globally via our Investment Solutions business.

“With an existing and significant footprint in the advice market, this merger enhances our commitment to creating Australia’s largest independent diversified financial services business.

“In a competitive and fast-changing environment, we will be well positioned to take advantage of favourable themes, including increasing demand for advice and regulatory changes aimed at making advice more affordable and accessible.”

According to a statement, the merged entity would have more than 500 employees, and offices in over 35 locations around Australia.

Invest Blue managing director David Stephen said the merger supported the firm’s goal of providing advice to over 60,000 clients in every major population centre in Australia.

“Our strategic partnership with Ironbark will provide capital, scale, and expertise. It will accelerate our ability to enhance our value proposition to our clients, people, and shareholders,” he said.

“For clients, we always look for ways to add value to ensure we deliver best-in-class advice, service, and solutions. Our partnership with Ironbark will increase our ability to invest in our offer, systems, and processes to enhance the client experience as we strive to become Australia’s trusted home of great advice.

“From a people and culture perspective, it will create opportunities for employees to explore varied and expanding roles and enable us to invest more in their professional development both in a leadership and technical capability, ensuring we remain a truly great place to work with ongoing industry-leading engagement.”

The merger is expected to be completed by the end of September 2023.

In March, Invest Blue announced the adoption of a nine-day fortnight pilot, which it said would cost around $1.9 million a year.

Commenting at the time, Invest Blue chief operating officer Lexi Glover said that “business growth should never come at the cost of employee wellbeing”.

“We have the right technology and infrastructure to support our people but most importantly we have the right culture,” she said.